Solana prices have faced a 3.1% decline and a 3.2% revision last week on the daily chart, according to Coingecko’s Sol Statistics. Currently, the sixth largest cryptocurrency by market capitalization is trading at a price level of $177. Sol has received considerable support in this price range. Assets can be consolidated at the $177 level or picked up steam from here. Sol is trading in the Green Zone in other time frames, attracting 8.5% on the 14-day chart, 21.4% on the monthly chart, and 4.2% since July 2024.
Is it a good time to buy sol?
Sol will gain liquidity at a price level of $175 to $177, and could rise to the $200 price range. On the other hand, given the current bear market environment, there is a possibility that investors will continue to sell.
The latest price dip in Solana (Sol) and large markets arise in making profits. Bitcoin (BTC), XRP and BNB have hit their all-time highs in the last two weeks. Investors may have begun to close their positions after the rally.
Buying DIP is a solid investment strategy, but it is possible that Sol will continue to immerse in the next few days. Investors may be awaiting the next Federal Open Market Committee (FOMC) meeting scheduled for July 29th. The FOMC meeting minutes provide clues on the Fed’s financial outlook. If the Federal Reserve decides to cut interest rates, the crypto market could experience a rally.
Waiting for a few days on how US monetary policy will pan out could prove to be a great entry strategy. President Trump recently visited the Federal Reserve Chairman and met with Federal Reserve Chairman Jerome Powell. The meeting reportedly proved to be very confrontational. How the Fed is moving forward with its monetary policy will be clear over the next week.
(tagstotranslate) solana
